As of October 28, 2025, the Nigerian Naira’s exchange rates against major currencies exhibited modest strengthening across key segments, reflecting cautious stability amid ongoing market dynamics, according to data from the Central Bank of Nigeria (CBN), LEMFI, and REMITLY.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira appreciated by 0.21% to close at N1,452.50/$1 on October 27, up from N1,455.50/$1 on October 24, according to the Central Bank of Nigeria (CBN).
In the International Money Transfer Operators (IMTO) segment, data sourced from platforms like LEMFI and REMITLY showed the naira gaining 0.27% against the US dollar to N1,483/$1 on October 28, improving from N1,487/$1 on October 27.
The naira strengthened significantly against the Great British Pound by 0.56%, reaching N1,980/£1 from N1,991/£1, while appreciating 0.23% against the Euro to N1,720/€1 from N1,724/€1.
The naira also firmed up against the Canadian Dollar by 0.38%, moving to N1,060/$1 from N1,064/$1.
Nigeria has been removed from the Financial Action Task Force’s (FATF) “grey list,” a designation for countries under increased monitoring due to weaknesses in combating money laundering and terrorist financing.
This development could boost investor confidence and potentially strengthen the naira against major currency pairs.
Meanwhile, Nigeria’s external reserves rose to $42.865 billion as of October 22, a 0.17% increase from $42.792 billion on October 20, signaling continued gradual buildup in foreign exchange buffers.
The U.S. dollar index, which measures the greenback against six major currencies, slipped 0.19% to 98.58, following a 0.15% drop in the previous session. Investors are now watching for clues that the Federal Reserve may be nearing the end of its quantitative tightening program, with a rate cut already anticipated.
